While the PC is rather fool proof, I would never suggest taking a PC to Ferrari for your first time!
You made several mistakes, which unfortunatly may not be correctable unless you use a professional with a rotary.
Meguiar's does not recommend using thier cutting pad (red-marron) with a Portercable because you might induce micromarring into the suface. The pad is rather abrassive (one of the most abrassive if not the most abrassive pad on the market) and can cause micro scratching into the paints surfaces.
Also, you may have worked the products too long. You never want to go to a "dry" buff but instead leave a lubricating film of product behind to ensure you are not directly rubbing the pad against the surface, which can induce marring.
Ferrari's paint is soft, that is, it is often easily correctable, so you shouldn't have gone aggressive. A good rule of thumb is to always use the least aggressive method possible to get the correction you are after. You should start with IP and then finishing (tan) pad. Do a two x two section then check your work in the sunlight. If it is not getting the work done, step up to IP and the yellow pad. If that doesn't get the correction done, then try IP and the yellow pad. Always do one section and figure out what product/pad combo will get the results you are after, and always check that section in the sunlight to make sure you are getting where you want to go.
If the IP/Yellow pad didn't work, try two to three passes with the same combo. This is as aggressive as you want to get with the PC. After two to three passes (max) you should get the correction you want, then you can step down to the FPII/tan combo to refine the finish bring out the ultimate in gloss.
Again, you may need a pro with a rotary to remove the marring you likely put in. You can try making several passes with the IP/yellow pad (checking after each application) to see if this is correcting the problem.
At this point though, I would recommend looking for a pro in your area to help you correct the problem and perhaps, if they are cool, they can help you learn the PC and its techniques.
Good luck and PM me if you have any questions!